#41 BANKRUPTCY LAWYERS Buyer Checklist You Need To Know Before You Spend Your Money. 60 Buyer-Beware Intelligence Points.

Legal Information Notice: This checklist provides general educational information only. It is not legal advice, does not create an attorney-client relationship, and may not apply to your jurisdiction or circumstances. Laws and deadlines vary. Do not rely on this checklist for a specific legal decision or deadline; consult a qualified attorney licensed in the relevant jurisdiction.

1. Bankruptcy is a legal process, not simply a way to erase debt.
2. Not every debt is treated the same way.
3. Some debts may survive the bankruptcy process.
4. The choice of bankruptcy chapter can materially change the outcome.
5. Eligibility requirements matter.
6. Your assets matter.
7. Your income matters.
8. Your household circumstances may matter.
9. Recent financial transactions can receive scrutiny.
10. Transfers of assets before filing can create serious problems.
11. Accurate disclosure is critical.
12. Hiding assets can create severe consequences.
13. Filing bankruptcy can have significant credit consequences.
14. Bankruptcy does not necessarily stop every type of legal obligation.
15. Secured creditors have rights involving collateral.
16. Co-signers and guarantors can create additional complications.
17. Bankruptcy may affect a spouse differently depending on circumstances and jurisdiction.
18. Attorney fees are only one part of the economic cost.
19. Court costs and other expenses may apply.
20. A lawyer promising a guaranteed result should trigger skepticism.
21. A lawyer should explain alternatives, not merely sell bankruptcy.
22. You should understand what happens to your home, vehicle, business and other major assets.
23. You should understand which debts are potentially dischargeable and which may not be.
24. Do not wait until an imminent foreclosure, lawsuit or levy without understanding the timing implications.
25. The most important question is “What exactly happens to my assets and debts if I file?”

B. PREMIUM BUYER CHECKLIST

YOUR FINANCIAL PICTURE

☐ Complete creditor list
☐ Secured debts
☐ Unsecured debts
☐ Tax debts
☐ Student/education-related debts where applicable
☐ Lawsuits
☐ Judgments
☐ Collection accounts
☐ Monthly income
☐ Monthly expenses
☐ Assets
☐ Retirement accounts
☐ Real estate
☐ Vehicles
☐ Business interests

LAWYER

☐ Licensed in relevant jurisdiction
☐ Bankruptcy specialization/experience
☐ Experience with cases resembling yours
☐ Actual attorney handling case identified
☐ Fee structure in writing
☐ Court costs identified
☐ Additional services identified
☐ Communication process established

ALTERNATIVES

☐ Negotiation
☐ Payment arrangements
☐ Debt management
☐ Debt settlement
☐ Sale of assets
☐ Restructuring
☐ Bankruptcy

ASSET TEST

For every significant asset:

☐ Current value
☐ Amount owed
☐ Equity
☐ Ownership
☐ Potential treatment under applicable law

DEBT TEST

For every significant debt:

☐ Creditor
☐ Balance
☐ Secured/unsecured
☐ Status
☐ Potential treatment
☐ Co-signer/guarantor

RED FLAGS

☐ “Guaranteed discharge”
☐ “Everyone qualifies”
☐ Pressure to file immediately
☐ Refusal to explain alternatives
☐ Unclear fee agreement
☐ Instructions to omit information
☐ No explanation of asset consequences

FINAL QUESTION

What will my financial life look like 12 months after filing—not merely the day I file?